Recruitment and retention: Strategies to attract and keep top talent

Poor recruitment and retention practices can lead to significant financial losses, decreased productivity, and diminished team morale. Replacing an employee can cost 50%-60% of their salary. Not to mention, there are indirect costs such as lost employee productivity and the impact on team dynamics.

That’s why you need effective recruitment and retention strategies. They help you build a highly skilled workforce, reduce hiring costs, and ensure continuity in operations. Explore more about employee recruitment and retention, including strategies to improve your hiring and retention practices, so you never lose top talent.

What is recruitment?

How to improve your recruitment process

What is employee retention?

How to improve employee retention

Why recruitment and retention are important

How Intuit Enterprise Suite can improve recruitment and retention

Boost productivity and enhance profitability

What is recruitment?

Recruitment is the comprehensive process organizations undertake to identify, attract, screen, interview, and hire suitable candidates to fill open positions. It involves everything from defining job needs and writing descriptions to sourcing candidates, conducting interviews, and extending offers.

An effective recruitment process ensures that you select the right individuals to contribute to your organization's success. That said, recruitment comes with its fair share of challenges, such as:

• Vague or misleading employer branding
• Slow or poor candidate experience
• Lack of clear growth opportunities
• Inadequate communication or feedback loops
• Uncompetitive compensation and benefits packages
• Ignoring employee well-being and burnout
• Failing to learn from data or exit interviews

These challenges highlight the importance of a well-structured recruitment process and recruiting analytics to minimize turnover and associated costs.​

How to improve your recruitment process

Investing in a robust recruitment process is essential, as it directly influences the quality of hires and lays the groundwork for long-term employee retention. A well-structured recruitment strategy attracts top talent and ensures they remain engaged and committed to your organization. Below are some best practices on how to recruit employees.

Define your employer brand and value proposition

Your employer brand represents your organization's reputation, while the employee value proposition (EVP) outlines the unique benefits and rewards employees receive in return for their contributions. 

Clearly communicating your company culture, core values, mission, and overall employee experience is vital to attract candidates who align with your organization's ethos. A strong employer brand fosters a sense of pride and loyalty among employees. It also reduces employee turnover rates and associated hiring costs.

Write clear and attractive job descriptions

Crafting detailed job descriptions is crucial for attracting qualified candidates. These descriptions should outline key responsibilities, necessary skills, reporting structures, and potential career growth opportunities the role offers. 

Including salary ranges enhances transparency. Also, focusing on desired competencies and potential, rather than solely on years of experience, can broaden your candidate pool.

Expand and diversify your talent sourcing

Relying solely on job boards may limit your reach. Proactively source candidates through employee referrals, internal mobility programs, professional networking sites like LinkedIn, and industry events to diversify your talent pool. 

To build a diverse candidate pipeline:​

• Use inclusive language in job postings to appeal to a broader audience.
• Partner with professional organizations to reach underrepresented groups.
• Ensure interview panels are diverse to provide varied perspectives.​

Create a positive candidate experience

A respectful, communicative, and efficient hiring process not only helps you attract top talent but also maintains a positive employer reputation. 

Timely updates, clear communication about next steps, efficient interview scheduling, and providing constructive feedback, when possible, enhance the candidate experience. Prompt communication at each stage of the hiring process ensures candidates feel valued and informed.

Onboard new hires effectively

Employee onboarding is the critical transition phase that integrates new hires into the company culture and their specific roles. It significantly impacts their long-term success and retention. 

Key elements of a structured onboarding program include:​

• Ensuring clarity in role expectations and responsibilities
• Facilitating introductions and connections within the team
• Providing necessary tools, resources, and system access
• Setting initial performance goals and expectations — and measuring set KPIs
• Scheduling regular check-ins with managers to address concerns and provide feedback

What is employee retention?

Employee retention refers to an organization’s ability to keep its employees from leaving. To retain talent, you need to foster a positive work environment where team members feel valued, engaged, and motivated to stay long‑term. It involves using strategic efforts and policies, such as recognition programs, career development pathways, and supportive leadership.

But it’s not as easy as it might sound. Nectar, an HR tech company, surveyed 1,000 full-time employees in the U.S. and found out that nearly 29% of employees quit within 90 days of starting a new role, often due to insufficient onboarding or mismatched expectations​. And replacing an employee is quite costly.

These retention challenges highlight why you need effective retention strategies for employee satisfaction and organizational performance.​

Retention strategies

Retaining valuable employees means creating an environment where they feel valued, engaged, and motivated to stay long-term. 

Here are some key strategies you can employ to increase retention: 

• Cultivate a positive culture: Build a workplace based on trust, respect, and clear values. When employees feel they belong and their contributions to the product and company are valued, they're more likely to stick around.
• Offer competitive rewards: Go beyond salary, but don't leave salary behind. Provide robust benefits, including health, retirement, and ample paid time off, in addition to a competitive salary for the role. Taking care of your employees will significantly contribute to overall satisfaction and retention.
• Invest in growth: Show employees you care about their future by providing opportunities for skill development, professional growth, and career advancement. This includes training, workshops, and clear career paths.
• Prioritize well-being: Support a healthy work-life balance through reasonable workloads, access to mental health resources, and encouragement to use PTO. Employees who feel cared for are less likely to burn out and leave.
• Recognize contributions: Consistently acknowledge and celebrate employee efforts and achievements, both formally and informally. Recognition boosts morale, motivation, and loyalty, making employees feel appreciated.
• Foster open communication: Create channels for regular dialogue and feedback, and most importantly, demonstrate that you listen and act on what you hear. This builds trust and ensures employees feel valued as people, not just cogs in the machine.

How to improve employee retention

Retaining valuable employees requires continuous effort and a focus on creating a supportive and rewarding work environment​. Below are some useful ways to build effective retention strategies and a retention plan that can help you avoid losing valuable employees.

Invest in employee growth and development

Providing opportunities for skill enhancement, professional growth, and career advancement is essential for retaining employees​. Actively ask employees about their career aspirations and desired areas for development to show them that their ambitions matter.​

Here are some development opportunities you can offer:

• Online courses and e‑learning platforms
• Workshops and in‑house training sessions
• Conference attendance and industry seminars
• Tuition reimbursement programs
• Cross‑functional project assignments

Foster open communication and act on feedback

Establish multiple channels for communication and feedback, including regular one‑on‑one meetings between managers and employees, pulse surveys, suggestion boxes, and transparent company‑wide updates​. 

Building trust requires demonstrating that employee feedback is genuinely considered and, where appropriate, acted upon. Closing the feedback loop reinforces that voices are heard and valued​.

Offer competitive compensation and benefits

Adopt a “total rewards” strategy that encompasses base salary, bonuses, health insurance, retirement plans, paid time off, wellness programs, and other perks to create an attractive package​. 

In addition, conduct regular market research and compensation reviews. Benchmarking against industry data ensures packages remain competitive and fair, reducing turnover driven by pay dissatisfaction​.

Recognize and appreciate employee contributions

Implement both formal recognition programs, such as employee of the month and performance bonuses, and informal methods like regular manager praise and peer‑to‑peer shout‑outs to celebrate achievements and milestones​.

Consistently acknowledging effort and results significantly boosts morale, motivation, and loyalty. Organizations with strong recognition cultures see turnover drop substantially over time​.

Support employee well-being and work-life balance

Offer flexibility, such as remote or hybrid work options where feasible, to help employees balance professional and personal responsibilities. Promote reasonable workloads, provide access to mental health resources, and encourage use of paid time off (PTO) to prevent burnout and demonstrate a genuine commitment to well‑being​.

Build a culture of trust and respect

A foundation of trust is built through consistent ethical leadership, fairness in applying policies, and transparency in decision‑making. 

Employees who trust their leaders are far more likely to stay engaged and committed​. Hence, focus on fostering a respectful and inclusive environment by modeling civility, addressing conflicts promptly, and ensuring all voices are heard equally​ and promptly.

Here’s a quick overview of how recruitment differs from retention:

Why recruitment and retention are important

You need to treat recruitment and retention as interconnected parts of a continuous talent ecosystem to reduce costs, safeguard institutional knowledge, and maintain a competitive edge​. 

Adopting a unified recruitment-and-retention strategy delivers compounded benefits across the employee lifecycle:

• Consistency in candidate and employee experiences signals reliability, making your organization more attractive to top talent.
• Employees who see clear pathways from recruitment through career growth contribute more effectively and innovate within their roles.
• Retaining seasoned staff ensures that critical expertise, processes, and relationships remain within the company.
• An integrated focus on recruitment promises and retention realities fosters trust and loyalty, reducing disengagement.
• A stable talent base allows faster response to market shifts, while streamlined recruitment fills new skill gaps efficiently.
• Experienced, engaged employees deliver higher-quality service and build stronger client relationships.
• With fewer crises around vacancies and resignations, HR teams can invest more time in strategic workforce planning and development.

By weaving recruitment and retention into a continuous, data-driven ecosystem, you not only attract the right people but also cultivate the conditions that keep them invested.

How Intuit Enterprise Suite can improve recruitment and retention

Intuit Enterprise Suite (IES) can help streamline HR and payroll processes while delivering real‑time insights and compliance support to strengthen your recruitment and retention strategies. Here’s how IES makes that happen: improve your recruitment and retention framework.

Unify all employee data in one central platform

By centralizing employee data in one system, IES removes information silos and enables you to make faster, more equitable decisions on promotions, compensation reviews, and skill‑gap analyses. All of this enhances your internal mobility and fair pay practices.

Automate payroll and simplify benefits enrollment

The suite offers automatic payroll processing and tax calculations while simplifying benefits enrollment and management. It ensures employees are paid accurately and on time, supports well‑being initiatives, and guarantees competitive pay packages are administered correctly.

Unlock insights with robust reporting and analytics

Intuit Enterprise Suite generates customizable reports on headcount, turnover trends, compensation distribution, and time‑off usage. This gives your HR teams clear visibility into recruitment ROI and retention hotspots. You can learn from this data and target interventions effectively.

Stay audit-ready with built-in compliance tools

IES’ built‑in compliance tools help you track wage laws, tax regulations, and reporting deadlines across jurisdictions. With these features, you can reduce legal risk, build trust with employees, and maintain accurate records for audits.

Boost productivity and enhance profitability

Efficient recruitment and retention lay the groundwork for a stable, skilled workforce, boosting team dynamics, reducing turnover, and driving long‑term growth​. Hiring and retention efficiency lets you fill roles quickly and keep high performers longer, cutting recruiting costs and amplifying profitability.

A solution like Intuit Enterprise Suite that automates management can simplify this process and boost its efficiency to a great extent. You can use IES to centralize employee data, automate payroll and benefits, and deliver actionable analytics​. Its AI‑driven automation can help reduce time‑to‑hire and improve retention rates, directly enhancing productivity and boosting business growth​.